You may have some knowledge, you have perhaps had a type of Motor finance in the past, but we understand that even returning customers do not know everything they need to know about how financing a car/motorbike/van/caravan actually works – let GoFinance.co.uk break it down for you and give you some insight.
Firstly, people come to us if they do not have the funds to purchase the vehicle, or simply don’t want to dip into savings and are happy to make monthly repayments to make the purchase a reality.
The choice of finance products on offer can be vast, but essentially you are borrowing money from a credit lender, who will offer finance based on your individual circumstances.
The way to compare offers is to look at the lenders APR (Annual Percentage Rate). The lower the APR, the lower the monthly repayment, which will mean less interest paid back over the course of the agreement. The APR figure includes all costs and associated fees that may be charged, so always use APR to compare the offers on the table to you. The longer you take an agreement out the more interest will be payable – so try and take it over the shortest term possible depending on your monthly budget.
Deposits also play a big part, the more deposit you have to put down against your purchase, the less you borrow which in turn keeps your monthly repayments down.
You need to make sure you can afford the monthly repayments, and GoFinance.co.uk will make sure you are not overcommitting based on the information you provide to us – Although you may have your heart set on a Ferrari – you must be able to make the repayments now and in the future, so play it smart and keep within your means.
Do your sums and make sure you can afford it!
The rates available to you will depend on your individual circumstances and your credit score, we have a panel of lenders who can help customers, whether they have a perfect credit history or have had past or ongoing problems such as defaults or County Court Judgements.
We have been in this game a long time and know that there are lenders available who can and will help people who may feel their past problems will go against them when looking at finance.
Representative example: borrowing £3,000 over 3 years with a representative APR of 33.2%, an annual interest rate of 33.2% (Fixed) and a deposit of £0.00, the amount payable would be £125.68 per month, with a total cost of credit of £1,524.48 and a total amount payable of £4,524.48
"Excellent service! I called Go Finance and went through an application, everything was explained to me in a way I could understand. Once my application had been approved my advisor called me to go through the details of my agreement. From start to finish everything was made clear to me and nothing was too much trouble for them, they went above and beyond what I expected to help get me the best deal, taking into account everything I told them during my initial application. Would highly recommend this company and will be using them in the future!"
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© GoFinance.co.uk Copyright 2019. All rights reserved.
GoFinance.co.uk a trading style of Superbike Loans Ltd. Registered in England and Wales (Company Registration number 08512842)Registered Address Cottage Street Mill, Cottage Street, Macclesfield, Cheshire, SK11 8DZ. Authorised and Regulated by the Financial Conduct Authority (number 671579).Registered with the Information Commissioners Office (registration number Z3193267).GoFinance.co.uk is a credit broker and not a lender. We can introduce you to a limited number of finance lenders and for such introductions we may receive commission.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
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